Joining a Family Business
Is running your family’s business in your DNA?
Family businesses are unique — shaped and driven by the different personalities, values, knowledge and relationships of involved family members. The interests of different family members versus the interests of the business create a dynamic that requires both understanding and ongoing communication.
There’s no business like family business
Family businesses are generally structured and run in one of these ways:
- Owned and operated by one individual, such as the founder. Other family members may be employed by the company.
- Owned by multiple family members, but operated by only select family members. Inactive shareholders delegate decision-making authority to others for the family's collective interest.
- Owned by multiple family members who may or may not be involved in the management of the business. Often in long-established businesses, outside management teams may run the company with family members/shareholders serving on the board of directors.